ANIP - ANI Pharma to acquire Novitium expanding generics and CDMO business
ANI Pharmaceuticals ([[ANIP]] -1.4%) has agreed to acquire privately-held Novitium Pharma for a total consideration of $163.5M in cash and equity.The transaction is expected to close in H2 2021, subject to regulatory approvals and approval by ANI shareholders.The purchase price includes a cash payment of $89.5M and $74M in equity. Novitium is also eligible to receive $46.5M in contingent payments.ANI expects to fund the transaction with equity issued to Novitium, a new $300M Term Loan B, and a $25M PIPE investment by Ampersand Capital Partners including a new $40M revolving credit facility.With 21 abbreviated new drug applications (“ANDAs”) currently filed with the FDA and more than 30 additional products under development, Novitium expects to launch over 25 additional products in 2021 and 2022.Novitium’s 50,000 sq ft East Windsor, NJ facility is set to expand ANI’s CDMO business adding 27 manufacturing suites and eight clinical suites.The acquisition will be accretive to ANI’s adjusted
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ANI Pharma to acquire Novitium expanding generics and CDMO business